Together celebrates record bridging lending performance

Together has completed over 260 bridging loans worth £103.6m in April, a 17% increase on its previous record of £88m set in July 2021.

According to the firm, the record lending performance was thanks to the completion of a number of larger loans worth £5m and above, as well as the increased use of technology speeding up transactions.

Sundeep Patel, director of sales at Together (pictured above), said: “The demand for short-term finance is continuing to soar across the industry, despite continued global uncertainties and financial pressures on individuals and businesses post-Covid, and our latest lending figures certainly reflect this.

“We’re finding that, while traditional lenders are tightening their criteria and scaling back from providing finance, the demand from potential clients, such as SMEs, property developers, landlords and investors is growing more than ever, particularly for loans of over £5m.

“We have the largest ever loan book in our near 50-year history, rising application numbers, a strong pipeline for unregulated bridging products, and we’ve made technological advances, meaning that we can use AVMs for over 70% of our loans — thus, the process can be quicker and cheaper for brokers’ clients.

“We have a fantastic track record of delivering finance quickly when required, thanks to our expert underwriters and strong relationship with our solicitor partners at Priority Law.”

 “It’s clear that bridging finance has taken up an invaluable role in the commercial finance brokers’ toolkit, allowing them to support clients achieve their property ambitions.”

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